Category: News & Market Reports

Sale of West Houston Office Building Closes

Posted on by Sarah

JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for Park Ten Plaza, a 157,759-square-foot, Class-A office located in Houston, Texas.

JLL marketed the property for the seller USAA Real Estate. Fuller Realty Partners and ICP Funds acquired the asset. JLL also worked on behalf of the new owner to secure a loan through East West Bank.

Park Ten Plaza features best-in-class design and amenities, including a new 1,177-square-foot fitness center, an executive level conference room, a lobby and recent HVAC and roof replacements.

Situated at 15115 Park Row in the Energy Corridor, the property is located within the Park Ten Business Park, a 550-acre master planned business park in the heart of West Houston. The office is the only building in the Energy Corridor that is adjacent to a destination entertainment venue, Top Golf, and walkable to a variety of dining options. The Energy Corridor, known as the Central Business District of West Houston, is the third largest employment center in Houston. Additionally, property is 8.4 miles from Westchase District, 5.6 miles from CityCentre, 7.2 miles from Memorial City, 2.8 miles from Texas Children’s Hospital and 2.6 miles from Houston Methodist.

The JLL Capital Markets Investment Sales team representing the seller was led by Senior Director Rick Goings, Managing Directors Kevin McConn and Marty Hogan, and Analyst Jack Moody. Working on behalf of the borrower, Managing Director Cameron Cureton and Senior Managing Director Wally Reid led the JLL Debt Advisory team.

As Texas Home Values Skyrocket, State Officials Wrestle with How to Slow Property Tax Increases

Posted on by Sarah

DALLAS — As Texas’ exploding real estate market dramatically drives up home values, homeowners are getting sticker shock after receiving notice of their properties’ new appraised values — which help determine how much they pay in property taxes.

The growth rate of home values in the state’s major metropolitan areas has surged by double digits. In Harris County, the state’s most populous county, residential values have risen between 15% and 30%, according to Roland Altinger, the county’s chief appraiser.

In Bexar County, the median value of a home appreciated nearly 25% to $265,540.

And in Travis County, where the state’s housing crunch has been most apparent, the median home value has skyrocketed — climbing more than 50% since last year to $632,208.

“We have never seen anything like this,” said Marya Crigler, chief appraiser at the Travis County Appraisal District. “This is unprecedented for us in Travis County. And I think that same unprecedented appreciation is being seen statewide.” Click to read more at www.texastribune.org.

Ownwell’s Property Tax Solution Now Fully Available in Texas to Help Owners Reduce Outsized Assessments

Posted on by Sarah

Ownwell, the leading online solution to help commercial and residential property owners save money on property taxes, has expanded its Texas presence just in time to help the state’s property owners deal with surging assessments. On average, residential customers save 12% and commercial customers save 16.8% through Ownwell’s protest service, a combination of personalized service from local property tax experts and best-in-class software.

With tax season in full swing, Ownwell moves its headquarters to Austin to ensure Texans pay fair and accurate property taxes

On average, residential customers save 12% and commercial customers save 16.8% through Ownwell’s protest service, a combination of personalized service from local property tax experts and best-in-class software

Savings-or-Free Guarantee means customers only pay if Ownwell saves them money

As Texans receive notices on the appraised value of their property, many can expect some sticker shock. Major metro areas across the state are already warning homeowners about big spikes in home values, which will cause a substantial increase in property tax bills.

Houston: The Harris County Appraisal District says that the average home value increase was 21%, while the average apartment value rose 24%. “Value increases this year have been unprecedented,” said Roland Altinger, HCAD’s chief appraiser, in a statement. “In my almost 40 years in the real estate business, I have never, ever seen such large increases in market values.”

San Antonio: Home appraisals in Bexar County are up nearly 28% since last year. The average sales price of a home jumped from $273,001 in 2020 to $312,555 last year, according to the Real Estate Center at Texas A&M University. Click to read more at www.businesswire.com.

Doing Retail Right: Dallas Mall Makeover Focuses on Community-requested Amenities

Posted on by Sarah

Across the state of Texas, a revolution is underway. The traditional malls that Gen X and older millennials spent their teenage years wandering are transforming. In Sherman, an undisclosed buyer plans to redevelop Midway Mall into a mixed-use property. The Collin Creek Mall in Plano was demolished, soon to be replaced by the $1 billion, 100-acre, mixed-use Collin Creek development.

At Dallas’s Shops at RedBird, construction has been underway for the past four years, converting what was the dying Red Bird Mall (renamed the Southwest Center Mall) into a thriving destination at the intersection of U.S. Highway 67 and Interstate 20.

“We’ve actually been working on it for about six years now,” shares Terrence Maiden, CEO and Managing Partner for Russell Glen, a real estate development and investment company based in Dallas. “The first couple of years involved dozens of community meetings and working on our design strategy.”

Those community meetings allowed Russell Glen’s team to get to know what the neighbors of the $210 million, 95-acre project were looking for in order to incorporate that into the property’s future. Click to read more at www.rednews.com.

North Austin Hotel Secures Acquisition Financing

Posted on by Sarah

JLL Capital Markets has arranged acquisition financing for La Quinta Inn & Suites by Wyndham, a 75-key hotel in Cedar Park, Texas.

JLL worked on behalf of the borrower, Door Capital Partners, to secure the five-year, fixed-rate loan through Alliance Bank Central Texas.

Completed in 2009, La Quinta Inn & Suites comprises a mix of traditional guest rooms and suites. The hotel amenities include a fitness center, laundry facilities, indoor pool, mobile check-in, sundries/mart, complimentary breakfast and 625 square feet of meeting space.

La Quinta Inn & Suites is positioned on 4.02 acres at 1010 E. Whitestone Boulevard. Located 22 miles north of Austin, just off Highway 183 and Interstate 35, guests have convenient access to local shopping and entertainment as well as Lake Travis and the trails at Brushy Creek Lake Park, in addition to all that downtown Austin has to offer, including, Blanton Museum of Art, Austin Zoo, Lakeline Mall, the Arboretum and more.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director CW Sheehan and Analysts Matt Ctvrtlik and Hunt Wood.

Future Redevelopment Coming To A Former College Station Grocery Store Property That Has Been Closed For More Than Ten Years

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A news release from Oldham Goodwin states they will have details about redevelopment in the near future.

Oldham Goodwin is pleased to announce the sale of 601 University Drive. Executive Vice President Clint Oldham arranged the sale of this landmark retail site on University Drive in College Station. With over 92,000 square feet of existing retail space on over 9 acres of prime real estate, the property presents a unique opportunity for future redevelopment in the heart of College Station along the gateway to Texas A&M University.

“This one has been a long time coming. We’ve had our eyes on it since completing the Chimney Hill redevelopment next door,” Oldham said about the redevelopment of the property. “The former University Drive Albertson’s location is obviously familiar to the community, and now it will serve the people of Bryan-College Station again. We’re excited to be a part of the redevelopment and future of such a key property.”

Originally developed as a Randall’s grocery store in 1991, the site became an Albertson’s in 1997 before closing in 2011. More recently a portion of the property has been home to A+ tutoring, while the grocery store box has remained vacant. Oldham Goodwin will have more details about the development of the location in the near future. Click to read more at www.wtaw.com.